the present time, during which infinite quantities of facts are widely available to anyone who can use a computer
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Data
raw facts that describe the characteristics of an event or object
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Information
data converted into a meaningful and useful context
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Business Intelligence
information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for decision making
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Business Analytics
the scientific process of transforming data into insight for making better decisions
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Knowledge
skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
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Knowledge Worker
individual valued for their ability to interpret and analyze information
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Systems Thinking
a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
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Management Information Systems (MIS)
a business function, like accounting and Human Resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
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First-Mover Advantage
occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
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Hardware
consists of the physical devices associated with a computer system
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Input
equipment used to capture information and commands
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Output
equipment used to see, hear, otherwise accept the results of information processing requests
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Storage (Primary)
the computers main memory, which consists of the random access memory (RAM), the cache memory, and the read-only memory (ROM) that is directly accessible to the central processing unit (CPU)
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Storage (Secondary)
equipment designed to store large volumes of data for long-term storage
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CPU
the actual hardware that interprets and executes the program (software) instructions and coordinates how all the other hardware devices work together
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Software
the set of instructions the hardware executes to carry out specific tasks
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Application Software
performs specific information processing needs
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Systems Software
controls how various tools work together along with application software
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Operating System Software
windows, Mac OS, linux
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Utility Software
antivirus, screen savers, data recovery
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Competitive Advantage
a product or service that an organization’s customers place a greater value on than similar offerings from a competitor
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SWOT Analysis
evaluates an organization’s strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies
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Five-Forces Model
evaluating industry attractiveness c
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Three Generic Strategies
choosing a business focus
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Value Chain Analysis
executing business strategies
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Integration
allows separate systems to communicate directly with each other, eliminating the need for manual entry into multiple systems
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Application Integration
integration of a company’s existing information systems
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Data Integration
integration of data from multiple sources, which provides a unified view of the data
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Forward Integration
sends information downstream to systems and processes
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Backward Integration
sends information to all upstream systems and processes
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Enterprise System
provide enterprise wide support and data access for a firm’s operations and business processes